NCUA's Harper updates NAFCU members on agency's efforts, priorities
NAFCU's Regulatory Committee and Legislative Committee held a joint meeting yesterday to discuss initiatives and rulemaking efforts underway amid the coronavirus pandemic, with NCUA Board Member Todd Harper giving an update on the agency's efforts directly to members. In addition, committee members received a legislative update from NAFCU Vice President of Legislative Affairs Brad Thaler on Congress' work on a Phase 4 coronavirus relief bill and the Small Business Administration’s (SBA) paycheck protection program (PPP).

142M MGM guests exposed in data breach
A hacker has put the information of more than 142 million MGM hotel guests up for sale on a cybercrime marketplace. MGM Resorts suffered a data breach in summer 2019, but the breach wasn't reported until February when roughly 10.6 million guests' data were available for download on a hacking forum.

PPP update: NAFCU pushes for automatic forgiveness; SBA updates reporting requirements
Ahead of today's House Small Business Committee hearing to explore long-lasting solutions for small business recovery, NAFCU Vice President of Legislative Affairs Brad Thaler shared credit unions' work to serve their small business members through the Small Business Administration's (SBA) paycheck protection program (PPP) during the coronavirus pandemic.

NAFCU's Credit Union Compliance Roadmap is now available!
NAFCU's Credit Union Compliance GPS is now the Credit Union Compliance Roadmap. Download a sneak peek today!

FSOC begins activities-based review of secondary mortgage market
The Financial Stability Oversight Council (FSOC) Tuesday announced it will begin an activities-based review of the secondary mortgage market. In December, the council announced the same approach for nonbank financial company designations in order to identify and address potential risks to financial stability.

Thaler stresses importance of funding for CDFIs, CDRLF
As the full House Appropriations Committee today marks up the fiscal year 2021 financial services and general government (FSGG) bill, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated the association's call for full funding for the Treasury Department's Community Development Financial Institutions (CDFI) Fund and the NCUA's Community Development Revolving Loan Fund (CDRLF).

Low inflation, interest rates expected through 2021, says NAFCU
On a seasonally-adjusted basis, overall consumer prices rose 0.6 percent in June, the largest rise since August 2012. The Bureau of Labor Statistics reported that the overall consumer price index (CPI) grew 0.7 percent over the 12-month period.